Between packing boxes and shifting furniture, moving home can be back-breaking work, and new information suggests your bank balance may also feel the strain.
The average price of moving house is now lb12,110, up by lb486 on this past year, research by Lloyds Bank has found. But based on where you live in the united kingdom, your bills could be half that – or 3 times just as much.
Which? looks at just how much it is to move home round the UK and what that you can do to help keep costs under control.
Average cost of moving UK-wide
The cost of moving varies dramatically based on where you live in the UK.
The Lloyds data takes into account stamp duty, estate agency fees, surveyors, home removal, conveyancing fees and becoming an EPC on your new house.
Londoners face paying an average of lb33,741 to make a move, largely because of higher house prices pushing up the cost of stamp duty.
By contrast, in Northern Ireland, you pay as little as lb6,156 – nearly half the nation's average. Other low-cost areas to move include Scotland, Wales and also the North East.
You can explore our map to see the way the cost of moving compares.
What are the biggest costs of moving?
There an unexpected quantity of services involved with moving home, from auctions to surveyors and removal companies.
The largest expenses tend to be those charged as a proportion of your property value, namely estate agent fees and stamp duty.
On average, Brits paid lb5,729 in estate agency fees. In most cases, you can expect to pay between 1% and 2% of the sale price, even though this does vary with respect to the contract you agree.
Stamp duty is the other major cost you’re likely to face on your new property, particularly if you’re selling your home to buy a new one, and therefore don’t qualify for the first-time buyer discount. On average, you might pay lb3,262 for stamp duty.
Your removals bill will even vary significantly depending on the size of your home, with the average sitting at lb1,168. By contrast, conveyancing and surveyors are not as likely to be affected by size or value, if you may pay more for any more difficult transaction.
The average cost for these services is set in the table below.
|Estimated cost in 2022
How much stamp duty will you pay?
It’s one of the largest costs of moving, so it’s vital that you know very well what your stamp duty bill will probably be.
Stamp duty is tiered, meaning you’ll pay different rates on portions of your property value. Generally as a home mover, you’ll pay nothing on the first lb125,000, then 2% on the home value between lb125,001 and lb250,000 and 5% on the value between lb250,001 and lb925,000.
High-value homes attract additional costs – you’ll pay 10% between lb925,001 and lb1.5m, along with a further 12% on anything over lb1.5m.
If you’re a first-time buyer, you’ll pay nothing on properties worth under lb300,000 and 5% on properties worth between lb300,001 and lb500,000. Homes worth more than this is excluded from the first-time buyer exception and you’ll pay standard rates.
You can use our stamp duty calculator to sort out your costs.
How to chop your moving costs
When choosing an estate agent, take into account the level of service you need and the commission you’ll pay.
While it’s worth shopping around, don’t just pick the cheapest deal. Consider how good your agent knows the neighborhood market, what services they offer, and whether they’ve had positive reviews previously. A great agent may be able to enable you to get a better price on your home, and may find you a committed buyer faster.
Similarly, when selecting a conveyancer or surveyor, consider their reputation to check out local recommendations. Before getting a house survey, figure out which type you need. A low-cost condition report may suffice for any newer, good condition home, but you could save yourself a fortune by ordering a far more thorough survey for any higher-risk building.
Removal companies vary in cost and service, so see how much help you’ll need.
What other outlays could you face?
Aside in the costs above, you might have other outlays that you’ll have to factor into your moving home budget.
If you’re on a fixed-rate mortgage deal when you decide to sell your home, you may face an earlier Repayment Charge (ERC). These fees generally decrease within the entire fixed-rate period. For example, you’re likely to pay more in year one of a five-year deal compared to year four, however it could be up to 5% of the outstanding mortgage.
When you arrange a home loan for your new house, you may also have to pay arrangement fees, though fee-free options are available. In some cases, it may be easy to port your mortgage – meaning you transfer the old loan to the new property – but fees may apply to such arrangements as well.
When selecting a mortgage deal, you need to weigh up the interest rate, length of the term, as well as any associated costs. You may find a minimal interest option is actually more expensive during the period of the deal once the fees are added to the loan.
And in case your new home is substantially dissimilar to your old one, you may want to spring for furnishings that suit into the new floorplan. Plus, don’t forget any expenses associated with leaving your previous energy or broadband providers and signing up to new deals.
To be sure you don’t miss a single step from the home-moving process, use our moving house checklist.